Educational Loan

Educational Loan

Government of India in consultation with Reserve Bank of India (RBI) and Indian Banker's Association (IBA) has framed a Comprehensive Educational Loan Scheme to ensure that no deserving student in the Country is deprived of higher education for want of finances. The new scheme covers all type of courses including professional courses in schools and colleges in India and abroad.

The Salient features of the scheme are as under:

1. The scheme envisages loans up to Rs.7.5 lakh for studies in India and up to Rs. 15 lakh for studies abroad.

2. For loans up to Rs. 4 lakh no collateral or margin is required and the interest rate is not to exceed the Prime Lending Rates (PLR). For loans above Rs. 4 lakh the interest rate will not exceed PLR plus 1 percent.

3. The loans are to be repaid over a period of 5 to 7 years with provision of grace period of one year after completion of studies

To know the rules, regulations, eligibility conditions, repayments and interests rates etc visit the below listed Banks Official Website .

Allahabad Bank - www.allahabadbank.com

Andhra Bank- www.andhrabank-india.com

Bank of Baroda- www.bankofbaroda.com

Bank of India - www.bankofindia.com

Bank of Maharashtra - www.maharashtrabank.com

Canara Bank - www.canbankindia.com

Central Bank of India - www.centralbankofindia.com

Corporation Bank - www.corpbank.com

Dena Bank - www.denabank.com

Indian Bank - www.indbank.com

Indian Overseas Bank - www.iob.com

Oriental Bank of Commerce - www.obcindia.com

Panjab and Sindh Bank - www.psbindia.com

Panjab National Bank - www.pnbindia.com

State Bank of India - www.sbi.co.in

State Bank of Bikaner and Jaipur - www.sbbjbank.com

State Bank of Hyderabad - www.sbhyd.com

State Bank of Indore - www.statebankofindore.com

State Bank of Saurashatra - www.sbsbank.com

State Bank of Travancore - www.sbtr.com

Syndicate Bank - www.syndicatebank.com

Uco Bank - www.ucobank.com

Union Bank of India - www.unionbankofindia.com

United Bank of India - www.unitedbankofindia.com

Vijaya Bank - www.vijayabank.com

Educational Loan